This blog will be devoted to exploring why cost-of-living allowances are necessary for working people, and why the world's largest financial institutions are trying to take them away from us.

Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Friday, July 15, 2011

JPMorgan profit rises, loan book grows

The second-largest U.S. bank made new loans faster than customers paid off existing ones during the quarter, a reversal from the first quarter and a good sign for a business long plagued by weak loan demand.

JPMorgan's revenue rose and it added staff in the quarter, and its shares closed 1.8 percent higher on Thursday. But the bank faces big expenses from mortgages as the effects of the housing crisis linger.

Foreclosures could take another 12 to 18 months to start declining, Chief Executive Jamie Dimon said on a conference call with reporters.

There's been weak loan demand because they refused to lend for long enough to bankrupt the economy.

THEY ONLY CALL IT CLASS WAR WHEN WE FIGHT BACK

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Interviewed By Jim Fetzer

Jim has been debunking government bunk for a long time. I was quite surprised when, after a relatively sparse correspondence, he asked me to be on his show. I was taken a bit unawares by his questions about anarchism, as he had suggested we talk about Ron Paul and this years litter of Republican presidential candidates. I wish I had done a better job fielding them. Nevertheless, it was a good conversation and I'm grateful to Jim for the opportunity. It was posted December 2nd, 2011, and can be found in the archives of Jim's blog. http://radiofetzer.blogspot.com/

This strike has all the makings of an epic showdown. All the elements of a classic, class war clash are present, and so far it appears to f...

Audio and video I recommend

That woman of international intrigue spills all of Wall Street's beans. Banks create inflation ( and hence the need for a COLA ) and the mysterious Smithy explains how the evil deed is done. All the broadcasts are interesting but the first deals specifically with what concerns us here.http://www.radio4all.net/index.php/program/3550

Here's a link to Paul Grignon's brief but excellent history of banking, Money as Debt:http://video.google.com/videoplay?docid=-2550156453790090544#And here's the sequel, Money as Debt II:http://www.youtube.com/watch?v=rCu3fpg83TY

If you want the whole sordid story, watch the Money Masters for a decidedly rightist interpretation:http://video.google.com/videoplay?docid=-515319560256183936#